Dent v. Matteson

• Decision Date: 21 December 1897
• Citation: 73 N.W. 416,70 Minn. 519
• Parties: DENT v MATTESON ET AL.
• Court: Minnesota Supreme Court

70 Minn. 519

73 N.W. 416

DENTvMATTESON ET AL.

Supreme Court of Minnesota.

Dec. 21, 1897.

(Syllabus by the Court.)

A stockholder of a national bank, who held 10 shares of its stock, died. His estate was administered upon, and the assets, including said stock, were distributed to his widow, heirs, and next of kin, but the stock was never transferred on the books of the bank to either the administrator or the distributees. Thereafter the bank became insolvent, and the comptroller of the currency appointed a receiver for it, and made an assessment on its stockholders, under section 5151, Rev. St. U. S., to pay its debts. In an action by the receiver against said distributees to recover of them the amount of said assessment on said 10 shares, held, the claim was a contingent one, which did not become absolute until the bank had become insolvent, and, as this was after the time to file claims against the estate had expired, this action can be maintained, under chapter 77, Gen. St. Minn., against the distributees, to recover to the extent of assets received by them, notwithstanding the provisions of section 5152, Rev. St. U. S.

Appeal from district court, Ramsey county; John W. Willis, Judge.

Action by William H. Dent, as receiver of the First National Bank of Decorah, against Louise M. Matteson and others to recover an assessment due from them as stockholders of the insolvent bank. From an order overruling a demurrer to the complaint, defendants appeal. Affirmed.

Edmund S. Durment, for appellants.

O'Reilly & Burns, for respondent.

CANTY, J.

Sumner W. Matteson died intestate July 22, 1895, and at the time of his death he was the owner of 10 shares of the capital stock of the First National Bank of Decorah, Iowa. He was a resident of this state, and letters of administration on his estate were issued by the probate court August 5th. Thereafter, on September 3, 1895, the time to file claims was limited to six months from that date. The time expired, and thereafter, on April 27, 1896, the probate court made its final decree distributing all of the estate, including these 10 shares of stock, to the widow and children of the deceased, who are the defendants herein,-an undivided one-third to the widow, and an undivided one-ninth to each of the six children,-and the estate so distributed was of the value of $100,000. Thereafter, on November 10, 1896, the bank was insolvent, and was closed by the comptroller of the currency. On November 24th the plaintiff was appointed receiver by the comptroller, who thereafter, on January 11, 1897, made an assessment and requisition on each of the stockholders of the bank who was such November 10, 1896, to pay on or before February 11, 1897, the face value of his stock, and authorized and directed the receiver to collect and receive the amounts due on such assessment. The face value of each share of the stock is $100, and the 10 shares so held by the deceased at the time of his death have always been registered in his name on the books of the bank, and have never been transferred on those books to these defendants. This action is brought to recover one-third of the amount of the assessment on these 10 shares from the widow and one-ninth of said amount from each of the other defendants. To the complaint, which alleges all of the foregoing facts, the defendants demurred on the ground that it does not state a cause of action, and appeal from an order overruling the demurrer.

It will be observed that the bank did not fail until nearly sixteen months after the death of the deceased, eight months after the time to file claims against his estate had expired, and six months after the estate was distributed. The claim here in question was a contingent claim, which did not become absolute until after the time to file claims had expired, and the estate was distributed to the widow, heirs, and next of kin. Under these circumstances the plaintiff may maintain an action, under chapter 77, Gen. St. 1894, against the distributees, to recover of them the amount of the...